4. Merchandising Operations
Periodic Inventory - Purchase Discounts
Multiple Choice
Multiple ChoiceOn April 12, a company purchased goods worth $14,000 on account with terms of 2/15 net 30. The company paid its supplier on April 25. In a periodic system, the journal entry to record the payment on April 25 would include:
A
A credit to Cash for $14,000
B
A credit to Purchase Discounts for $280
C
A credit to Accounts Payable for $14,000
D
A debit to Cash for $13,720
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